Our Safemoon price prediction might turn bullish once again if the ongoing breakout attempt succeeds. The slump in Bitcoin price has triggered a bloodbath across the whole crypto market. Most altcoins are trading at a fraction of their 2021 all-time highs. Nevertheless, Safemoon price has shown a lot of strength in the ongoing massacre.
Although SFM price briefly dipped to $0.00038 level, it immediately surged to $0.00091, attempting to break out of the downtrend. A the time of writing SFM is trading at 0.000626 and 67% up from this week’s low. There appears to be a massive resistance around the $0.0012-$0.0014 region as the price has faced multiple rejections.
Safemoon team launched version 2 of the protocol in December 2021 with a different token contract. This new version is trading on exchanges with the ticker symbol SFM. This update also included a token consolidation with 1000:1. Nevertheless, this update failed to boost investor confidence as the sell-off continued in the later months.
According to the official Safemoon news, the team is expanding and hiring more staff. Although the project started as a memecoin in 2021, the team seems to be working hard to build an ecosystem. Safemoon DEX and mobile wallets are already available. Another product, Safemoon card is also under development and may roll out later this year.
Safemoon Price Prediction
Technical analysis of the Safemoon USD price chart shows that the coin is attempting a breakout. However, the price needs to close a weekly candle above the downwards trendline for a confirmed breakout. Safemoon price seems to be unfazed by the ongoing bloodbath as it is trading at the same levels as the start of the month. This suggests that many investors still have a lot of confidence in the project and expect a recovery soon.
Before any bullish Safemoon price prediction, the coin must validate the ongoing breakout. SFM price also needs to close out of the downwards trendline making a higher high on the daily chart. The $0.0012-$0.0014 region might still act as a huge resistance.
There is an across the board selling pressure in the whole crypto market. Memecoins appear to be one of the hardest-hit sectors as investors consider them high risk. Most memecoins are more than 90% down from their all-time highs.
SFM USD Daily Price Chart
